Yes….Big key Horizontal Support Resistance Level, Where Supply meets Demand….or more accurately, the point where Supply REFUSES to meet Demand, and prices pivots away and doesn’t look back.
It was a classic technical level to shoot long from from a conventional TA standpoint. A 61.8% from a resolved significant Supply and Demand zone, with still strong upside momentum as per multi timeframe MACD conditions.
But of course, the exact same trade setup could also fail and they do fail all the time, and that is where the MK-Indicator comes in. The MK indicator shows in no uncertain terms, that the DM is heavily short, and not so much the Path of Least Resistance, but the Path of Maximum Pain is still very much to the upside, thus trend following longs have to be very much the order of the day……and it wasn’t a 61.8% retrace either…it was something more like 74% retrace, stopping just above the start of that clump of Short PBs…….Rinse all the Long SL cloud, just down so far, as not to let the Short’s exit their trades at breakeven…..I suspect this will be a rather common occurrence, as indeed will a simple RINSE of NT and MT SL levels, down to a point where there is a decent gap until the next batch, and it becomes no longer profitable for the market makers to keep running that market in the same direction.
……as I have said before, whilst I have only had the indicator for 1 and a half trading days, from what I seen so far, it seems pretty much like a ‘wall hack’. Having a tool like this which can really filter which trades to take, and which to stay out of, has to be a total game changer. Unbelievable the way it works….among the downsides of course, and there are a few, is that the data is only fully furnished for the EURUSD and perhaps the GBPUSD, then in increasingly diminishing degrees for the rest of the pairs. Previous to getting hold of this, I would pretty much trade anything that looked good, and with a reasonable level of success doing so. Now, it would be frankly foolish to touch any symbol not covered by the MK-streams.